Form 305 - Clean-Fuel Vehicle And Advanced Cellulosic Biofuels Job Creation Tax Credit - 2015 Page 4
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4Instructions for Completing Form 305, Clean-Fuel Vehicle and Advanced Cellulosic Biofuels
Job Creation Tax Credit
The Clean-Fuel Vehicle and Advanced Cellulosic Biofuels Job
Line 5:
Multiply the total of Lines 4b and 4c by $700.
Creation Tax Credit expired on December 31, 2014. No new jobs
Line 6: Complete this line if claiming a current year clean-fuel
created after the expiration date qualify for the credit. Any unused
vehicle job tax credit distributed to you from another
credit may be carried forward for up to five years. Complete
entity. See the instructions for Schedule B in the next
Part XI of Schedule 500CR to compute the amount of carryover
column for additional information concerning pass-
credit available.
through entities.
•
This credit may not be claimed if the corporation is claiming
Line 7:
Enter the carryover credit from the prior year.
a Major Business Facility Job Tax Credit.
Line 8:
Add amounts on Lines 5, 6 and 7.
•
The Clean-Fuel Vehicle and Advanced Cellulosic Biofuels Job
Line 9: Total tax on return after priority credits: In general, claim
Creation Tax Credit is a nonrefundable credit. However, any
priority credits in the following order:
excess credit can be carried forward for up to 5 years.
• Claim nonrefundable credits without a carryforward
Fiscal year filers: Complete this line only if your taxable year is
provision;
NOT from JANUARY 1 to DECEMBER 31. You must
• Claim carryover credits from prior years in the order
use the same taxable period that you used on your federal
which such carryover amounts are set to expire;
return.
• Claim current year credits in the order of their
Name, Account Number and Federal Employer Identification
carryover provisions; and
Number or Social Security Number: Enter the
• Report any unused credits as carryovers for
information for the taxpayer claiming this credit.
succeeding taxable years to the extent allowed.
Definitions:
Line 10: Clean-Fuel Vehicle and Advanced Cellulosic Biofuels
"Advanced biofuel" means a fuel derived from any cellulose,
Job Creation Tax Credit allowable this year: Enter the
hemicellulose, or lignin that is derived from renewable biomass
lesser of the amount on Line 8 or Line 9 here and on the
or algae.
applicable credit line of your Virginia income tax return.
"Clean special fuel" means any product or energy source used
Line 11: Excess credit carryover to next year. If the amount on
to propel a highway vehicle, the use of which, compared to
Line 8 is larger than the amount on Line 9, subtract the
conventional gasoline or reformulated gasoline, results in lower
amount on Line 9 from the amount on Line 8.
emissions of oxides of nitrogen, volatile organic compounds, carbon
Schedule B (Form 305)
monoxide or particulates or any combination thereof. The term
includes compressed natural gas, liquefied natural gas, liquefied
Pass-Through Entity Identification
petroleum gas, hydrogen, hythane (a combination of compressed
If distributing all or a portion of this credit, complete Schedule
natural gas and hydrogen), or electricity.
B to identify all pass-through entity owners and each taxpayer to
"Job" means the full-time employment of an individual in Virginia by
whom a portion of the credit is distributed. Note that this credit may
a corporation for at least 40 hours per week during at least 40 weeks
only be used to offset the corporate income tax. Attach a separate
during the calendar year whose primary work activity is related
schedule if additional space is needed. Printouts containing the same
directly to any of the activities listed in Va. Code § 58.1-439.1 (B).
information may be substituted for Schedule B.
"Vehicle" has the same meaning as provided in Internal Revenue
Schedule B should contain the name, federal identification number
Code §§ 179A and 30.
(FEIN), Virginia account number (if known), address and amount
of credit for each qualifying pass-through entity owner, and the total
Skip to Line 6 if your only Clean-Fuel Vehicle and Advanced
percentage and credit not distributed to non-qualifying entities such
Cellulosic Biofuels Tax Credit is from a pass-through entity
as individuals. The total credit in Column E should be the current
(partnership, S corporation, etc).
year credit amount from Form 305, Part 1, Line 5.
Lines 1 and 2: Complete Lines 1 and 2, providing the NAICS code
Each corporate taxpayer in Column A must receive a copy
and checking the applicable boxes, to show qualification
of the pass-through entity’s Form 305 or a statement that
for the credit. Note that all of the qualifications on
identifies the taxpayer earning the credit (name, address, and
Line 2 must be met in order to qualify for the credit.
state and federal identification numbers) and provides all
Line 3: Enter the name of the city or county in Virginia in which
information set forth on Form 305. Each taxpayer receiving
the clean-fuel vehicle job(s) was created.
a distribution will enter the amount received on its own Form
Line 4: Number of qualifying jobs: Complete Schedule A, then
305, Line 7. Note that this credit is only applicable as a credit
enter the number of qualifying jobs on Lines 4b and
against the Virginia corporate income tax.
4c. Printouts containing the same information may be
Where to Get Help
substituted for Schedule A.
For additional information, write the Virginia Department of
NOTE: If a clean-fuel vehicle and advanced cellulosic
Taxation, P. O. Box 5126, Richmond, VA 23220-0126 or call
biofuels job does not qualify for this credit solely because
(804) 367-8037.
less than 40 weeks remained in the taxable year after it
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was created and filled, the credit may still be claimed.
To order forms, call (804) 367-8031. If you have access to the
However, the forty week requirement must be met in the
internet, you can obtain most Virginia income tax forms and
next taxable year or the credit must be recaptured through
additional tax information by visiting the Department's website:
the filing of an amended return. This treatment will also
apply for the next two subsequent taxable years involving
that job.
Forms are also available from the office of your local Commissioner of
the Revenue, Director of Finance or Director of Tax Administration.
Page 4
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